UBS Group Issues Positive Forecast for IDACORP (NYSE:IDA) Stock Price

IDACORP (NYSE:IDA) had its price target upped by UBS Group from $117.00 to $122.00 in a research report released on Friday,Benzinga reports. They currently have a neutral rating on the energy company’s stock.

Other analysts also recently issued research reports about the stock. Jefferies Financial Group reduced their price target on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a research report on Tuesday, January 28th. Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. Bank of America lifted their price target on shares of IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Monday, March 3rd. Finally, Morgan Stanley lifted their price target on shares of IDACORP from $126.00 to $131.00 and gave the company an “equal weight” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $120.50.

IDACORP Stock Performance

NYSE:IDA opened at $114.32 on Friday. The company has a fifty day moving average of $112.22 and a 200-day moving average of $109.80. The firm has a market capitalization of $6.17 billion, a P/E ratio of 20.86, a P/E/G ratio of 2.32 and a beta of 0.59. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. IDACORP has a twelve month low of $88.70 and a twelve month high of $120.42.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. The business had revenue of $398.13 million during the quarter, compared to the consensus estimate of $403.21 million. As a group, sell-side analysts anticipate that IDACORP will post 5.81 EPS for the current year.

IDACORP Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Wednesday, February 5th were issued a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend was Wednesday, February 5th. IDACORP’s dividend payout ratio is 62.77%.

Hedge Funds Weigh In On IDACORP

A number of hedge funds have recently bought and sold shares of IDA. Wellington Management Group LLP boosted its holdings in shares of IDACORP by 43.3% in the 4th quarter. Wellington Management Group LLP now owns 3,424,956 shares of the energy company’s stock worth $374,279,000 after buying an additional 1,035,133 shares during the last quarter. Reaves W H & Co. Inc. boosted its holdings in shares of IDACORP by 75.4% in the 4th quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company’s stock worth $109,103,000 after buying an additional 429,276 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of IDACORP in the 4th quarter worth about $37,104,000. Ameriprise Financial Inc. boosted its holdings in shares of IDACORP by 596.7% in the 4th quarter. Ameriprise Financial Inc. now owns 379,312 shares of the energy company’s stock worth $41,451,000 after buying an additional 324,866 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in shares of IDACORP by 9.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company’s stock worth $208,692,000 after buying an additional 166,864 shares during the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

IDACORP Company Profile

IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.